Leading CBD company comments on FDA declining to regulate the industry and calling on Congress to create new rules
Charlotte, North Carolina--(Newsfile Corp. - January 26, 2023) - cbdMD, Inc. (NYSE American: YCBD) (NYSE American: YCBDpA), one of the nation's leading, highly trusted, and widely recognized CBD companies, announces their commitment to hold the FDA accountable for years of oversight regarding the establishment of safe regulatory frameworks appropriate for cannabinoids.
Today, the Food and Drug Administration (FDA) issued a statement claiming that they required Congressional support to establish a new framework for CBD products, stating they don't have the tools to properly regulate under current authorities. The FDA also denied the Natural Products Association (NPA) citizens' petition filed on behalf of cbdMD requesting rulemaking to allow the marketing of CBD products as dietary supplements.
cbdMD is keenly aware that there are rules and guidelines for providing safe dietary supplement products to consumers. We have adhered to those guidelines through our commitment to third party cGMP certifications, posting current COAs for every product on our site, and significant investment in safety and clinical studies.
"The FDA looks forward to working with Congress to develop a cross-agency strategy for the regulation of these products to protect the public's health and safety," a statement made in today's release by the FDA. We agree that Congress needs to step in and force the FDA to do their job.
"As pioneers of the federally legal hemp industry and public leaders in the research of cannabinoids and their benefits to humans and animals, we will continue to work with Congress to further substantiate the evidence and the legal framework for all cannabinoids to be accessed safely and legally," says President, Kevin MacDermott, "we have attempted to work through this process with the FDA to no avail, it's time to start making some real changes here."
cbdMD, as one of the largest companies in the space, taken on the responsibility to take the safety related to our category to the highest levels. Currently, responsible brands are self-regulating and due to lack of oversight there are still irresponsible brands allowed to exist. It's the same conversation going on around the pathways forward since 2018. With millions of active monthly American consumers this qualifies at the top of ingredients list within the Natural Products Industry up for regulatory review and safety guidelines to be implemented. Here at cbdMD, we took the stance of leading our category responsibility to the next level by bringing in house Dr. Sibyl Swift, a former FDA Director, to lead us into the next generation for safe product expansion in the Cannabidiol category safely.
There are many other markets globally that have regulated these types of products within their existing framework as well as created additional frameworks to allow continued market development. As an industry we will continue to work together and demand reliability and safety for consumers of cannabinoid products.
"Our go forward plan in response to today's announcement is to work together next to our best in class competition and rise the tide," Says MacDermott, "demand these answers for our consumers making up the $4.6 billion cannabis-derived market and get a real high-level committee on this movement that isn't going anywhere soon."
About cbdMD, Inc.
cbdMD, Inc. is one of the leading and most highly trusted and recognized hemp-derived cannabidiol (CBD) brands with a comprehensive line of U.S. produced, THC-free1 CBD products as well as Full Spectrum and Delta 9 THC products. The cbdMD brand currently includes high-quality, premium CBD products including tinctures, gummies, topicals, capsules, sleep aids and more. The Company's Paw CBD brand includes formulated pet products including tinctures, chews and topicals in varying strengths. To learn more about cbdMD and the complete line of products, please visit www.cbdmd.com, follow cbdMD on Instagram and Facebook or visit one of the thousands of retail outlets that carry cbdMD products.
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified using words such as ''should,'' ''may,'' ''intends,'' ''anticipates,'' ''believes,'' ''estimates,'' ''projects,'' ''forecasts,'' ''expects,'' ''plans,'' and ''proposes.'' These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict. You are urged to carefully review and consider any cautionary statements, including but not limited to expectations on our clinical studies, and other disclosures, including the statements made under the heading "Risk Factors" in cbdMD, Inc.'s Annual Report on Form 10-K for the fiscal year ended September 30, 2022, as amended, as filed with the Securities and Exchange Commission (the "SEC") and our other filings with the SEC. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of cbdMD, Inc. and are difficult to predict. cbdMD, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law. The information which appears on our websites and our social media platforms, including, but not limited to, Instagram and Facebook, is not part of this press release.
1 THC-free is defined as below the level of detection using validated scientific analytical tools.
Ronan Kennedy, CFO
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